Category Archives: Economics

USA: Quantifying the Loss of Government Legitimacy

new quantitative study by Princeton’s Martin Gilens and Northwestern’s Benjamin Page finds that America is not a democracy … but is an oligarchy.

Here’s a quick visual overview from the study:

(here I think the horizontal axis represents the support enjoyed by the policy proposals “stacked” in that column for the given income group.   In other words 10% of the proposals had around 85% approval among the elites in the table above and and those proposals were passed around 55% of the time -rw)

http://www.globalresearch.ca/its-official-scientific-study-shows-that-the-u-s-is-an-oligarchy-not-a-democracy/5377987

http://www.princeton.edu/~mgilens/Gilens%20homepage%20materials/Gilens%20and%20Page/Gilens%20and%20Page%202014-Testing%20Theories%203-7-14.pdf

ECT: The Sadistic Weapon at the Heart of Psychiatry

In a stunning reversal, an article in the journal Neuropsychopharmacology in January 2007 by prominent researcher Harold Sackeim of Columbia University reveals that electroconvulsive therapy (ECT) causes permanent amnesia and permanent deficits in cognitive abilities, which affect individuals’ ability to function.

“This study provides the first evidence in a large, prospective sample that adverse cognitive effects can persist for an extended period, and that they characterize routine treatment with ECT in community settings,” the study notes.

For the past 25 years, ECT patients were told by Sackeim, the nation’s top ECT researcher, that the controversial treatment doesn’t cause permanent amnesia and, in fact, improves memory and increases intelligence. Psychologist Sackeim also taught a generation of ECT practitioners that permanent amnesia from ECT is so rare that it could not be studied. He asserted that most people who said the treatment erased years of memory were mentally ill and thus not credible.

The National Institute of Mental Health (NIMH) estimates that more than 3 million people have received ECT over the past generation. “Those patients who reported permanent adverse effects on cognition have now had their experiences validated,” said Linda Andre, head of the Committee for Truth in Psychiatry, a national organization of ECT recipients.

Since the mid-1980s, Sackeim worked as a consultant to the ECT device manufacturer Mecta Corp. He never revealed his financial interest in ECT to NIMH, as required by federal law, and, until 2002, did not reveal it to New York officials as required by state law. Neuropsychopharmacology has endured negative publicity over its failure to disclose financial conflicts of journal authors, resulting in the editor’s resignation and a promise to disclose such conflicts in the future; yet there is no disclosure of Sackeim’s long-term relationship with Mecta, nor did Sackeim disclose his financial conflict when his NIMH grant was renewed to 2009 at approximately $500,000 per year.

The six-month study followed about 250 patients in New York City hospitals, an unusually large number; most ECT studies are based on 20 to 30 patients. Sackeim’s previously published studies were short term, making it impossible to assess long-term effects. “However, in other contexts over the years — court depositions, communications with mental health officials, and grant protocols — Sackeim has claimed to follow up patients for as long as five years. This raises serious questions as to how long he has actually known of the existence and prevalence of permanent amnesia and why it wasn’t revealed until now,” Andre said.

Besides finding that ECT routinely causes substantial and permanent amnesia, the study contradicts Sackeim’s oft-published statements that ECT increases intelligence and that patients who report permanent adverse effects are mentally ill.

“The study is a stunning self-repudiation of a 25-year career,” Andre said.

https://web.archive.org/web/20070111200117/http://www.medicalnewstoday.com/medicalnews.php?newsid=59631

Also see http://thoughtcrimeradio.net/2012/10/the-orwellian-fraud-of-shock-treatment/

US “National Debt” Collateral Endangered by Western States

This is hitting close to home for the secret government.  Why do you think the chinese piled up so much US treasury debt for so long?  Because they need access to north american resources.   Promises have been made.  If the terrorists in washington can’t control the situation the chinese are going to be very angry.

It’s time for Western states to take control of federal lands within their borders, lawmakers and county commissioners from Western states said at Utah’s Capitol on Friday.

More than 50 political leaders from nine states convened for the first time to talk about their joint goal: wresting control of oil-, timber -and mineral-rich lands away from the feds.

“It’s simply time,” said Rep. Ken Ivory, R-West Jordan, who organized the Legislative Summit on the Transfer for Public Lands along with Montana state Sen. Jennifer Fielder. “The urgency is now.”

Utah House Speaker Becky Lockhart, R-Provo, was flanked by a dozen participants, including her counterparts from Idaho and Montana, during a press conference after the daylong closed-door summit. U.S. Sen. Mike Lee addressed the group over lunch, Ivory said. New Mexico, Arizona, Nevada, Wyoming, Oregon and Washington also were represented….

http://www.sltrib.com/sltrib/politics/57836973-90/utah-lands-lawmakers-federal.html.csp

All Wars Are Bankers’ Wars

Former managing director of Goldman Sachs – and head of the international analytics group at Bear Stearns in London (Nomi Prins) -  notes:

Throughout the century that I examined, which began with the Panic of 1907 … what I found by accessing the archives of each president is that through many events and periods, particular bankers were in constant communication [with the White House] — not just about financial and economic policy, and by extension trade policy, but also about aspects of World War I, or World War II, or the Cold War, in terms of the expansion that America was undergoing as a superpower in the world, politically, buoyed by the financial expansion of the banking community.

***

In the beginning of World War I, Woodrow Wilson had adopted initially a policy of neutrality. But the Morgan Bank, which was the most powerful bank at the time, and which wound up funding over 75 percent of the financing for the allied forces during World War I … pushed Wilson out of neutrality sooner than he might have done, because of their desire to be involved on one side of the war.

Now, on the other side of that war, for example, was the National City Bank, which, though they worked with Morgan in financing the French and the British, they also didn’t have a problem working with financing some things on the German side, as did Chase

When Eisenhower became president … the U.S. was undergoing this expansion by providing, under his doctrine, military aid and support to countries [under] the so-called threat of being taken over by communism … What bankers did was they opened up hubs, in areas such as Cuba, in areas such as Beirut and Lebanon, where the U.S. also wanted to gain a stronghold in their Cold War fight against the Soviet Union. And so the juxtaposition of finance and foreign policy were very much aligned.

So in the ‘70s, it became less aligned, because though America was pursuing foreign policy initiatives in terms of expansion, the bankers found oil, and they made an extreme effort to activate relationships in the Middle East, that then the U.S. government followed. For example, in Saudi Arabia and so forth, they get access to oil money, and then recycle it into Latin American debt and other forms of lending throughout the globe. So that situation led the U.S. government.

Indeed, JP Morgan also purchased control over America’s leading 25 newspapers in order to propagandize US public opinion in favor of US entry into World War 1.

And many big banks did, in fact, fund the Nazis.

The BBC reported in 1998:

Barclays Bank has agreed to pay $3.6m to Jews whose assets were seized from French branches of the British-based bank during World War II.

***

Chase Manhattan Bank, which has acknowledged seizing about 100 accounts held by Jews in its Paris branch during World War II ….”Recently unclassified reports from the US Treasury about the activities of Chase in Paris in the 1940s indicate that the local branch worked “in close collaboration with the German authorities” in freezing Jewish assets.

The New York Daily News noted the same year:

The relationship between Chase and the Nazis apparently was so cozy that Carlos Niedermann, the Chase branch chief in Paris, wrote his supervisor in Manhattan that the bank enjoyed “very special esteem” with top German officials and “a rapid expansion of deposits,” according to Newsweek.

Niedermann’s letter was written in May 1942 five months after the Japanese bombed Pearl Harbor and the U.S. also went to war with Germany.

The BBC reported in 1999:

A French government commission, investigating the seizure of Jewish bank accounts during the Second World War, says five American banks Chase Manhattan, J.P Morgan, Guaranty Trust Co. of New York, Bank of the City of New York and American Express had taken part.

It says their Paris branches handed over to the Nazi occupiers about one-hundred such accounts.

One of Britain’s main newspapers – the Guardian – reported in 2004:

George Bush’s grandfather [and George H.W. Bush's father], the late US senator Prescott Bush, was a director and shareholder of companies that profited from their involvement with the financial backers of Nazi Germany.

The Guardian has obtained confirmation from newly discovered files in the US National Archives that a firm of which Prescott Bush was a director was involved with the financial architects of Nazism.

His business dealings … continued until his company’s assets were seized in 1942 under the Trading with the Enemy Act

***

The documents reveal that the firm he worked for, Brown Brothers Harriman (BBH), acted as a US base for the German industrialist, Fritz Thyssen, who helped finance Hitler in the 1930s before falling out with him at the end of the decade. The Guardian has seen evidence that shows Bush was the director of the New York-based Union Banking Corporation (UBC) that represented Thyssen’s US interests and he continued to work for the bank after America entered the war.

***

Bush was a founding member of the bank [UBC] … The bank was set up by Harriman and Bush’s father-in-law to provide a US bank for the Thyssens, Germany’s most powerful industrial family.

***

By the late 1930s, Brown Brothers Harriman, which claimed to be the world’s largest private investment bank, and UBC had bought and shipped millions of dollars of gold, fuel, steel, coal and US treasury bonds to Germany, both feeding and financing Hitler’s build-up to war.

Between 1931 and 1933 UBC bought more than $8m worth of gold, of which $3m was shipped abroad. According to documents seen by the Guardian, after UBC was set up it transferred $2m to BBH accounts and between 1924 and 1940 the assets of UBC hovered around $3m, dropping to $1m only on a few occasions.

***

UBC was caught red-handed operating a American shell company for the Thyssen family eight months after America had entered the war and that this was the bank that had partly financed Hitler’s rise to power.

Indeed, banks often finance both sides of wars:

(The San Francisco Chronicle also documents that leading financiers Rockefeller, Carnegie and Harriman also funded Nazi eugenics programs … but that’s a story for another day.)

The Federal Reserve and other central banks also help to start wars by financing them .

The most decorated American military man in history said that war is a racket, and noted:

Let us not forget the bankers who financed the great war. If anyone had the cream of the profits it was the bankers.

The big banks have also been laundering money for terrorists. The big bank employee who blew the whistle on the banks’ money laundering for terrorists and drug cartels says that the giant bank is still aiding terrorists, saying:

The public needs to know that money is still being funneled through HSBC to directly buy guns and bullets to kill our soldiers …. Banks financing … terrorists affects every single American.

He also said:

It is disgusting that our banks are STILL financing terror on 9/11 2013.

And see this.

According to the BBC and other sources, Prescott Bush, JP Morgan and other leading financiers also funded a coup against President Franklin Roosevelt in an attempt – basically – to implement fascism in the U.S. See this, this, this and this.

Kevin Zeese writes:

Americans are recognizing the link between the military-industrial complex and the Wall Street oligarchs—a connection that goes back to the beginning of the modern U.S. empire. Banks have always profited from war because the debt created by banks results in ongoing war profit for big finance; and because wars have been used to open countries to U.S. corporate and banking interests. Secretary of State, William Jennings Bryan wrote: “the large banking interests were deeply interested in the world war because of the wide opportunities for large profits.”

Many historians now recognize that a hidden history for U.S. entry into World War I was to protect U.S. investors. U.S. commercial interests had invested heavily in European allies before the war: “By 1915, American neutrality was being criticized as bankers and merchants began to loan money and offer credits to the warring parties, although the Central Powers received far less. Between 1915 and April 1917, the Allies received 85 times the amount loaned to Germany.” The total dollars loaned to all Allied borrowers during this period was $2,581,300,000. The bankers saw that if Germany won, their loans to European allies would not be repaid. The leading U.S. banker of the era, J.P. Morgan and his associates did everything they could to push the United States into the war on the side of England and France. Morgan said: “We agreed that we should do all that was lawfully in our power to help the Allies win the war as soon as possible.” President Woodrow Wilson, who campaigned saying he would keep the United States out of war, seems to have entered the war to protect U.S. banks’ investments in Europe.

The most decorated Marine in history, Smedley Butler, described fighting for U.S. banks in many of the wars he fought in. He said: “I spent 33 years and four months in active military service and during that period I spent most of my time as a high-class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism. I helped make Mexico and especially Tampico safe for American oil interests in 1914. I helped make Haiti and Cuba a decent place for the National City Bank boys to collect revenues in. I helped in the raping of half a dozen Central American republics for the benefit of Wall Street. I helped purify Nicaragua for the International Banking House of Brown Brothers in 1902-1912. I brought light to the Dominican Republic for the American sugar interests in 1916. I helped make Honduras right for the American fruit companies in 1903. In China in 1927 I helped see to it that Standard Oil went on its way unmolested. Looking back on it, I might have given Al Capone a few hints. The best he could do was to operate his racket in three districts. I operated on three continents.”

In Confessions of an Economic Hit Man, John Perkins describes how World Bank and IMF loans are used to generate profits for U.S. business and saddle countries with huge debts that allow the United States to control them. It is not surprising that former civilian military leaders like Robert McNamara and Paul Wolfowitz went on to head the World Bank. These nations’ debt to international banks ensures they are controlled by the United States, which pressures them into joining the “coalition of the willing” that helped invade Iraq or allowing U.S. military bases on their land. If countries refuse to “honor” their debts, the CIA or Department of Defense enforces U.S. political will through coups or military action.

***

More and more people are indeed seeing the connection between corporate banksterism and militarism ….

Indeed, all wars are bankers’ wars.

http://www.washingtonsblog.com/2014/04/wars-bankers-wars.html

Michael Ruppert: Apocalypse, Man

Most people were first exposed to Michael C. Ruppert through the 2009 documentary, Collapse, directed by Chris Smith. Collapse was one of the scariest documentaries about our world and the fragile the state of our planet. It was also one of VICE’s favorite films from the past ten years.

Michael was forced to leave the LAPD after claiming that the CIA was complicit in selling drugs across America, and he quickly became one of the most original and strident voices to talk about climate change, government corruption, and peak oil through his website, “From the Wilderness.”

Following the release of Collapse, Michael’s personal life underwent something of a collapse itself and he paid off all his debts, left behind all his friends, and moved with his dog Rags to Colorado, planning to commit suicide.

VICE caught up with Michael in the middle of the epic beauty of the Rocky Mountains at the end of last year. We found a man undergoing a spiritual rebirth—still passionate about the world and with a whole new set of apocalyptic issues to talk about.

Apocalypse, Man is an intimate portrait of a man convinced of the imminent collapse of the world, but with answers to how the human spirit can survive the impending apocalypse.

http://www.vice.com/vice-special/apocalypse-man-part-1

Fracking Bastards Intend to Destroy US Aquifers to Isolate Russia

The Obama Game
Is Putin Being Lured Into a Trap?

“Russia … is now recognized as the center of the global ‘mutiny’ against global dictatorship of the US and EU. Its generally peaceful .. approach is in direct contrast to brutal and destabilizing methods used by the US and EU…. The world is waking up to reality that there actually is, suddenly, some strong and determined resistance to Western imperialism. After decades of darkness, hope is emerging.” – Andre Vltchek, Ukraine: Lies and Realities, CounterPunch
April 15, 2014 “ICH” – “CP” – Russia is not responsible for the crisis in Ukraine. The US State Department engineered the fascist-backed coup that toppled Ukraine’s democratically-elected president Viktor Yanukovych and replaced him with the American puppet Arseniy Yatsenyuk, a former banker. Hacked phone calls reveal the critical role that Washington played in orchestrating the putsch and selecting the coup’s leaders. Moscow was not involved in any of these activities. Vladimir Putin, whatever one may think of him, has not done anything to fuel the violence and chaos that has spread across the country.

Putin’s main interest in Ukraine is commercial. 66 percent of the natural gas that Russia exports to the EU transits Ukraine. The money that Russia makes from gas sales helps to strengthen the Russian economy and raise standards of living. It also helps to make Russian oligarchs richer, the same as it does in the West. The people in Europe like the arrangement because they are able to heat their homes and businesses market-based prices. In other words, it is a good deal for both parties, buyer and seller. This is how the free market is supposed to work. The reason it doesn’t work that way presently is because the United States threw a spanner in the gears when it deposed Yanukovych. Now no one knows when things will return to normal.

Check out this chart at Business Insider and you’ll see why Ukraine matters to Russia. [and why fracking matters to washington]

The overriding goal of US policy in Ukraine is to stop the further economic integration of Asia and Europe. That’s what the fracas is really all about. The United States wants to control the flow of energy from East to West, it wants to establish a de facto tollbooth between the continents, it wants to ensure that those deals are transacted in US dollars and recycled into US Treasuries, and it wants to situate itself between the two most prosperous markets of the next century. Anyone who has even the sketchiest knowledge of US foreign policy– particularly as it relates to Washington’s “pivot to Asia”– knows this is so. The US is determined to play a dominant role in Eurasia in the years ahead. Wreaking havoc in Ukraine is a central part of that plan….

http://www.informationclearinghouse.info/article38242.htm

Fracking right!  Driving a wedge between europe and asia was the objective when the anglo-american wall-street nazis decided to finance hitler.  But whereas before the american people could pretend to be in on the spoils of washington’s reckless adventures, now the empire intends to destroy US groundwater in pursuit of its imperial dreams.  Washington is no doubt a huge threat to national security.

The Global Banking Game Is Rigged, and the FDIC Is Suing

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps; and the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it. According to an SEIU report:

Derivatives . . . have turned into a windfall for banks and a nightmare for taxpayers. . . . While banks are still collecting fixed rates of 3 to 6 percent, they are now regularly paying public entities as little as a tenth of one percent on the outstanding bonds, with rates expected to remain low in the future. Over the life of the deals, banks are now projected to collect billions more than they pay state and local governments – an outcome which amounts to a second bailout for banks, this one paid directly out of state and local budgets.

It is not just that local governments, universities and pension funds made a bad bet on these swaps. The game itself was rigged, as explained below. The FDIC is now suing in civil court for damages and punitive damages, a lead that other injured local governments and agencies would be well-advised to follow. But they need to hurry, because time on the statute of limitations is running out….

http://www.globalresearch.ca/the-global-banking-game-is-rigged-and-the-fdic-is-suing/5377703